In the new issue of Regulation, economist Pierre Lemieux argues that the recent oil price decline is at least partly the result of increased supply from the extraction of shale oil. The increased supply allows the economy to produce more goods, which benefits some people, if not all of them. Thus, contrary to some commentary in the press, cheaper oil prices cannot harm the economy as a whole.

Two long wars, chronic deficits, the financial crisis, the costly drug war, the growth of executive power under Presidents Bush and Obama, and the revelations about NSA abuses, have given rise to a growing libertarian movement in our country – with a greater focus on individual liberty and less government power. David Boaz’s newly released The Libertarian Mind is a comprehensive guide to the history, philosophy, and growth of the libertarian movement, with incisive analyses of today’s most pressing issues and policies.

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Obama’s National Security Strategy: Long on Rhetoric, Short on Change

The key theme that the Obama administration wants us to take away from the National Security Strategy (PDF) is “burden sharing.” The United States, the document explains, can no longer afford to be the world’s sole policeman. We need capable and willing partners to preserve global peace and prosperity.

These are valid concerns. Unfortunately, the Obama administration lacks a vision for addressing them.

Real change can only come from a fundamental reorientation of our current approach. We need a new grand strategy predicated on restraint both at home and abroad. Instead, for all the talk of new directions, the Obama administration has given us more of the same.

In geopolitics, as in life, actions speak louder than words. So long as the United States spends nearly as much on its military as the rest of the world combined, and so long as it deploys its military in ways that discourage other countries from defending themselves, Americans will continue to shoulder the burdens of policing the planet.

In a cover letter accompanying the NSS, President Obama explains “The burdens of a young century cannot fall on American shoulders alone.” But they most certainly will, so long as the United States maintains a massive military oriented more towards defending others than to defending Americans.

There are common security challenges, to be sure, and many other nations in Europe and East Asia should share an interest in addressing them. They lack the capacity to do so, however, because they have diverted resources away from defense and into social welfare programs. The capabilities gap between the United States and the rest of the world will only grow wider as other countries continue to reduce force structure, cut military procurement, and short-change defense-related R&D, while the U.S. military budget climbs higher and higher.

But other countries also lack the will to play a larger global role. US policies for the past few decades have impeded such activity, and it is naive in the extreme to think that the latest round of exhortations will make a difference.